Why are adjustments in the profit and loss account necessary?
FINANCIAL
JAMB 1995
Why are adjustments in the profit and loss account necessary?
- A. To cover some expenses of the following year
- B. To ascertain the actual expenses incurred and income earned during the year
- C. To show the provision made during the year
- D. To show the total expenses paid and income received during the year
Correct Answer: B. To ascertain the actual expenses incurred and income earned during the year
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